We have studied a switchable hyperbolic metamaterial composed of a graphene–dielectric periodic structure. By tuning the chemical potential of all graphene sheets simultaneously, the isofrequency curve can switch between an ellipse and a hyperbola conveniently. In particular, a special hyperbolic isofrequency curve with its asymptote perpendicular to the interface is obtained and used to realize the zero reflection effect. Furthermore, a zero-reflection-based optical switch working in the terahertz spectrum is demonstrated. Its bandwidth can be efficiently adjusted by geometric parameters such as permittivity and period. Such an optical switch possesses the merits of low loss, high transmittance contrast, high response speed, compact size, high tolerance of chemical potential, and having all incident angles (0°–90°) simultaneously. Such an optical switch holds great potential in many fields, such as data storage, beam steering, and integrated photonic circuits.